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Leadersteady 01 Strategic Report | 02 Corporate Governance | 03 Financial Statements Annual Report 2019 leaderSTEADY 01 Strategic Report | 02 Corporate Governance | 03 Financial statements STEADY leader REPORT FOR INVESTORS 38 UPSTREAM 56 MIDSTREAM 65 DOWNSTREAM 26% of oil and condensate production and 15% of gas production 57% of total oil transportation 79% of total gas transportation in the country KMG has interests in all major modern refineries in Kazakhstan, in Kazakhstan with a combined market share of 81% CONTENTS STRATEGIC REPORT CORPORATE FINANCIAL APPENDIX GOVERNANCE STATEMENTS COMPANY OVERVIEW 4 OPERATING REVIEW 38 RESPONSIBILITY STATEMENT 102 MANAGEMENT BOARD PERFORMANCE AUDITOR'S REPORT 160 REPORT ON COMPLIANCE OF Scope of operation 4 Reserves 38 CORPORATE GOVERNANCE FRAMEWORK 103 REPORT 133 THE CORPORATE GOVERNANCE CODE 2019 260 Geography 4 Exploration 40 CORPORATE GOVERNANCE DEVELOPMENT Management Board’s activities in 2019 133 CONSOLIDATED FINANCIAL STATEMENTS 166 WHOLESALE SALES OF OIL PRODUCTS 267 Capital structure 4 Oil Production 45 REPORT 104 Membership of the Management Board 134 Consolidated statement Asset structure 6 Mega Projects 46 of comprehensive income 166 Key markets 7 Gas Production 54 REPORT BY THE BOARD OF DIRECTORS 108 REMUNERATION REPORT 139 Consolidated statement Business model 8 Oil Transportation 56 Membership of the Board of Directors 108 Remuneration of the Board of Directors 139 of financial position 168 Key strengths 10 Gas Transportation and Marketing 59 Board activities during 2019 118 Remuneration of members of the Consolidated statement of cash flows 170 Performance highlights 14 Downstream 65 Performance assessment of the Board of Management Board 141 Consolidated statement of changes Service projects 70 Directors 120 in equity 173 STATEMENT FROM THE CHAIRMAN CFO FINANCIAL REVIEW 72 Corporate Secretary 120 CORPORATE CONTROL 142 OF THE BOARD OF DIRECTORS 16 Internal Audit Service 142 NOTES TO THE CONSOLIDATED FINANCIAL CHIEF EXECUTIVE OFFICER’S STATEMENT 18 SUSTAINABILITY MANAGEMENT 81 BOARD COMMITTEE PERFORMANCE REPORT 121 Compliance Service 143 STATEMENTS 175 Management system 81 Finance Committee 122 Risk management and internal control 144 STRATEGY 20 Environmental responsibility and safety 85 Nomination and Remuneration Committee 123 Key risks 149 Strategy and Portfolio Management Macroeconomics and global trends 20 Energy saving and energy efficiency Committee 125 Internal drivers and their impact programmes 87 SHAREHOLDER AND INVESTOR RELATIONS 154 Audit Committee 127 on strategy implementation 25 Increasing APG utilisation rates 90 Share capital 154 Health, Safety, Environment and Sustainable Dividends 155 Strategic Priorities 29 Development Committee 131 Bondholder Relations 155 KPI system 32 OCCUPATIONAL HEALTH AND SAFETY 92 Bonds Issue 156 Summary of project implementation Injury 93 Investor communications 157 aligned with strategic priorities 33 Occupational health 94 Investment portfolio overview 33 Personnel development 95 Transformation and Digitalization 36 Social Stability Index (SSI) 99 1 NC KazMunayGas JSC Annual Report 2019 01 Strategic Report | 02 Corporate Governance | 03 Financial statements NEXT: STRATEGIC REPORT #1 BY OIL PRODUCTION IN KAZAKHSTAN The Company occupies more than a quarter of the Republic THE GIANT KASHAGAN of Kazakhstan's oil and gas FIELD IS THE LARGEST OIL condensate production. KASHAGAN DISCOVERY IN THE LAST FOUR DECADES. THE ESTIMATED 2P OIL AND CONDENSATE RESERVES LIFE IS OVER 120 YEARS AT THE 2019 PRODUCTION LEVEL. The development of the Kashagan field in the harsh marine conditions of the North Caspian represents a unique combination of technical and logistical challenges. 2 3 NC KazMunayGas JSC Annual Report 2019 01 Strategic Report | 02 Corporate Governance | 03 Financial statements 1 MUNAITAS NORTH-WEST PIPELINE COMPANY LLP COMPANY OVERVIEW 1 MUNAITAS NORTH-WEST PIPELINE COMPANY LLP 2 KAZAKHSTAN-CHINA PIPELINE LLP 2 KAZAKHSTAN-CHINA PIPELINE LLP 3 CASPIAN PIPELINE CONSORTIUM 3 CASPIAN PIPELINE CONSORTIUM 4 JSC KAZTRANSOIL 4 JSC KAZTRANSOIL JSC National Company KazMunayGas (KMG, the Company) 1 JSC INTERGAS CENTRAL ASIA 1 JSC INTERGAS CENTRAL ASIA is Kazakhstan's leading vertically integrated oil 2 BEINEU-SHYMKENT GAS PIPELINE LLP 2 BEINEU-SHYMKENT GAS PIPELINE LLP and gas company, operating assets across the entire 3 ASIAN GAS PIPELINE LLP 3 ASIAN GAS PIPELINE LLP 4 SARYARKA GAS PIPELINE PROJECT production cycle from the exploration and production 1 MUNAITAS NORTH-WEST PIPELINE COMPANY LLP PAVLODAR 4 SARYARKA GAS PIPELINE PROJECT 2 of hydrocarbons to transportation, refining OIL CHEMISTRY KAZAKHSTAN-CHINA PIPELINEPAVLODAR LLP PLANT and services. Established in 2002, the Company 3 CASPIAN PIPELINE CONSORTIUMOIL CHEMISTRY PLANT represents the interests of the Republic 4 JSC KAZTRANSOIL NUR-SULTAN 4 of Kazakhstan in the national oil and gas 1 JSC INTERGAS CENTRAL ASIA NUR-SULTAN 4 industry. 2 BEINEU-SHYMKENT GAS PIPELINE LLP KPO KARACHAGANAK 3 ASIAN GAS PIPELINE LLP KPO KARACHAGANAK 4 SARYARKA GAS PIPELINE PROJECT 4 PAVLODAR 1 OIL CHEMISTRY 4 PLANT CAPITAL STRUCTURE 4 2 1 4 NUR-SULTAN 4 KMG is owned by Sovereign Wealth Fund Samruk- 4 2 EMBAMUNAYGAS 1 Kazyna Joint-Stock Company (hereinafter – Samruk- 4 ATYRAU KAZGERMUNAI Kazyna JSC, the Fund) (90.42%) and the National OIL REFINERY KAZAKHTURKMUNAY 1 NCOC KPO EMBAMUNAYGAS Bank of Kazakhstan (hereinafter – NBK) (9.58%). KASHAGAN KARACHAGANAKKAZAKHOIL AKTOBE ATYRAU KAZGERMUNAI 2 Samruk-Kazyna JSC is the Fund, the sole shareholder OIL REFINERY KAZAKHTURKMUNAY NCOC PETROKAZAKHSTAN KUMKOL RESOURCESKAZAKHOIL AKTOBE of which is the Government of the Republic 3 KASHAGAN of Kazakhstan. 4 2 1 PETROKAZAKHSTAN KUMKOL TCO TENGIZ 2 4 RESOURCES 3 9.58% 1 2 4 TCO TENGIZ 2 EMBAMUNAYGAS 1 1 KAZGERMUNAI AMANGELDY GAS KARAZHANBASMUNAI ATYRAU TURGAI Samruk-Kazyna PETROLEUM 3 OIL REFINERYMANGISTAUMUNAIGAZ KAZAKHTURKMUNAY NCOC NBK KAZAKHOIL AKTOBE KASHAGAN AMANGELDY GAS CASPI BITUM TURGAI KARAZHANBASMUNAI 2 1PETROLEUM PETROKAZAKHSTAN KUMKOL 3 MANGISTAUMUNAIGAZ RESOURCES 90.42% 3 OZENMUNAIGAS CASPI BITUM SHYMKENT OIL REFINERY (PKOP) 1 TCO TENGIZ 2 1 The Fund's mission is to improve the sovereign welfare OZENMUNAIGAS SHYMKENT OIL REFINERY of the Republic of Kazakhstan and ensure long-term sustainability (PKOP) for future generations. The Fund’s portfolio includes companies AMANGELDY GAS operating in oil and gas, transport and logistics sectors, chemical KARAZHANBASMUNAI TURGAI PETROLEUM 3 and nuclear industry, mining and metallurgical complex, energy, MANGISTAUMUNAIGAZ OPERATING PRODUCTIONS ASSETS OPERATIONAL OIL PIPELINE and real estate. CASPI BITUM MEGA PROJECTS OPERATIONAL GAS PIPELINE 1 OIL PUMPING STATION EXPLORATION AND PRODUCTIONOPERATING PRODUCTIONS ASSETS OPERATIONAL OIL PIPELINE OZENMUNAIGAS SHYMKENT OIL REFINERYHEAD OIL PUMPING STATION MEGA PROJECTS OPERATIONAL GAS PIPELINE (PKOP) COMPRESSOR STATION REFINING OIL PUMPING STATION EXPLORATION AND PRODUCTION HEAD OIL PUMPING STATION COMPRESSOR STATION REFINING 23.62 8.46 78.07 103.49 20.59OPERATING PRODUCTIONS ASSETS OPERATIONAL OIL PIPELINE MLN TONNES BLN M3 MLN TONNES BLN M3 MLNMEGA TONNES PROJECTS OPERATIONAL GAS PIPELINE OIL PUMPING STATION EXPLORATION AND PRODUCTION OIL AND CONDENSATE PRODUCTION GAS PRODUCTION OIL TRANSPORTATION GAS TRANSPORTATION OIL REFININGHEAD OIL PUMPING STATION COMPRESSOR STATION REFINING 4 5 NC KazMunayGas JSC Annual Report 2019 01 Strategic Report | 02 Corporate Governance | 03 Financial statements ASSET STRUCTURE KEY MARKETS KMG’S SIGNIFICANT ASSETS INCLUDE РеализацияOIL SALES нефти 30% 70% Exports (Europe, China) Domestic market GAS SALES3 Реализация газа3 61% UPSTREAM MIDSTREAM DOWNSTREAM OILFIELD SERVICES • JSC KazTransOil ................................90% 39% Mega projects • Pavlodar Refinery LLP ..................100% • KMG Nabors Drilling • Tengizchevroil LLP (TCO) ................20% – Kazakhstan–China Pipeline • Atyrau Refinery LLP .................. 99.53% Company LLP ...................................49% • Karachaganak Petroleum LLP .............................................. 50% • PetroKazakhstan Oil Products LLP • KMG Parker Drilling Company LLP 49% Exports Operating B.V. .................................. 10% – MunaiTas North-West Pipeline (Shymkent Refinery) ..................49.72% • KMG Automation LLP .....................49% (81% to China, 11% to Russia) • KMG Kashagan B.V. ................... 8.44%1 Company LLP..............................51% • KMG International ........................100% Domestic market – OJSC Batumi Oil Terminal – Petromidia Refinery ............54.63% Operating assets: 100% – Vega Refinery .......................54.63% • JSC Ozenmunaigas .......................100% • JSC Mangistaumunaigaz ................50% • Caspian Pipeline • JSC Embamunaigas .......................100% Consortium ............................... 20.75%2 • JV Kazgermunai LLP ........................50% • LLP NMSC Kazmotransflot .........100% PETROLEUM PRODUCT • PetroKazakhstan Inc. ....................33% • JSC KazTransGas ........................... 100% SALES • JSC Karazhanbasmunai ..................50% • Kazakhoil Aktobe LLP .....................50% – JSC Intergas Central Asia........100% • Kazakhturkmunay LLP ................100% – Asia Gas Pipeline LLP................50% 74% 26% • KazMunayTeniz LLP ......................100% – JSC KazTransGas Aimak .........100% – Beineu–Shymkent Gas Pipeline LLP................................50% • KazRosGas .......................................50% Exports (Europe, China, Russia, Tajikistan) Domestic market 1. 3. In October 2015, Samruk-Kazyna
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